Dogecoin’s Dollar Chase. Will the underdog cryptocurrency ever reach this monetary milestone?

Mar 27, 2021 | Cryptocurrency

Ever since Dogecoin’s initial breakout above five cents in late January of 2021, many in the Dogecoin community have become bullish on the coin’s prospects of reaching a dollar; and they have valid reasons to be optimistic.

Other than inherent technical tailwinds supporting Dogecoin’s dollar run (reasonable unit price, high efficiency and limitless utility) Dogecoin might receive significant outside help as well.

A helping paw.

In a tweet from Elon Musk on February 14 of 2021, the Tesla ‘Technoking’ and CEO of SpaceX said he’d give Dogecoin his full support if the largest coin holders sell most of their coins in order to reduce concentration and enhance widespread distribution. Musk went on to say,

“Too much concentration is the only real issue imo.”

With the pressure from Musk for Dogecoin whales to distribute their positions, it quickly became clear that the largest Dogecoin whale was none other than Robinhood, the financial services disruptor and commission-free stock trading platform run by Vladimir Tenev.

Potentially as a direct result of pressure mounted by Elon Musk, Tenev tweeted on March 8 of 2021 that Robinhood was working to make crypto wallets a reality on the platform. Tenev added,

“We are working to make this happen safely and expeditiously!”

All signs are pointing pup.

If it wasn’t enough that Dogecoin has a vibrant, diverse, active global community which loves the coin based on its own merits and culture — surely technical support from Elon Musk, Vladimir Tenev and their respective companies with all of the clout and technology they wield could prove more than enough to push Dogecoin to a dollar and beyond.

We are not financial advisors and this is not financial advice. All investments involve an element of risk, especially cryptocurrency. Be safe, be wise and be well.

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